The death of traditional retail and how data will lead its evolution
July 24, 2017 – CIO – With headlines setting off alarms forewarning the death of retail, it is easy to get sucked into the overwhelming stream of information and data. Luckily, there is more than one side to every story, and that data can actually support a more promising position on the future of the retail industry.
A recent article from the WSJ calls 2017 “the year of bankruptcies,” with eight bankruptcies since the beginning of the year. The most bankruptcies in one year happened in 2008 when 20 companies declared bankruptcy. Over 3,500 stores are expected to close this year. There has been a decrease in foot traffic equaling 6 percent per year. Visits to shopping malls went down 50 percent from 2010 to 2013. Online and e-commerce was the main driver of this large drop, but changing demographics and needs were also contributing factors.
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